GCC Secretary General: Gulf-Asian partnership is a cornerstone for enhancing economic and investment cooperation

Riyadh, October 14 (KUNA) -- The Secretary-General of the Gulf Cooperation Council (GCC), Jassem Al-Bouaidi, said on Wednesday that the economic partnership between the GCC states and Asian countries constitutes a strategic pillar for enhancing economic and investment cooperation, expanding the horizons of financial and banking integration, and developing digital infrastructure, thereby contributing to sustainable development and shared prosperity.

The GCC Secretariat General stated that these remarks were made by Al-Bouaidi during his speech at the opening of the GCC-Asia Economic Forum in Bangkok, the capital of Thailand. The forum, held under the theme “Banking, Investment, and Digital Infrastructure,” was organized by the Kuwait Banks Union and the Asian Bankers Association on the sidelines of the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.

Al-Bouaidi noted that the global economy is undergoing rapid transformations, with geopolitical developments intertwining with changes in trade, investment, and technology. This underscores the importance of building reliable economic partnerships capable of addressing challenges, ensuring the sustainability of financing and trade, and opening broader horizons for economic growth.

He pointed out that the economies of the GCC states have demonstrated their ability to cope with economic and financial challenges, thanks to the economic and fiscal policies pursued by the member states, their strong financial reserves, robust banking sectors, and their efforts to diversify their economies, develop infrastructure, and deepen GCC economic integration.

Al-Bouaidi emphasized that the historical and extensive trade relations between the GCC states and Asian countries form a solid foundation for building long-term economic and investment partnerships. He explained that the integration of Gulf financial and investment capabilities with Asian industrial and technological capacities and markets provides opportunities to launch joint projects that contribute to knowledge transfer, technology localization, and enhancing added economic value.

He added that the economic diversification programs in the GCC states offer growing opportunities for Asian companies and institutions to participate in major development projects, while Asian markets provide opportunities for Gulf institutions to expand their investments and international partnerships.

In outlining future areas of cooperation, Al-Bouaidi identified three main pathways to enhance economic partnership between the two sides:

First, logistics and infrastructure, by strengthening links between ports and economic centers and developing transport and storage networks to facilitate trade flows and enhance the efficiency and resilience of supply chains.

Second, digital infrastructure and artificial intelligence, through expanding joint investments in data centers, cloud services, and advanced technological applications, as well as exchanging expertise and knowledge to boost productivity, improve service efficiency, and support digital transformation in the economies of both sides.

Third, enhancing financial and banking cooperation by expanding trade and project financing, developing joint investment platforms, strengthening interconnections between capital markets, and facilitating cross-border payments. He stressed that providing reliable and effective financing is a fundamental element in transforming economic opportunities into executable investment projects.

Al-Badawi reviewed a number of economic and financial indicators reflecting the resilience of the GCC economies, based on the latest data issued by the GCC Statistical Center. He noted that the assets of Gulf sovereign wealth funds amount to approximately $5.2 trillion, while the market capitalization of Gulf financial markets reached around $4 trillion by the end of June 2026. He added that the total assets of commercial banks operating in GCC countries amounted to approximately $4.1 trillion by the end of June 2026, while the net foreign assets of Gulf central banks reached about $829 billion during the same period. He emphasized that these indicators reflect the financial and economic strength of the GCC states and their capacity to finance long-term investments, support business growth, and build economic partnerships with sustainable impact. Al-Badawi stressed the importance of advancing Gulf-Asian partnerships from the stage of exploring opportunities to the actual implementation of joint projects and investments, by enhancing communication between economic and financial institutions, identifying priority opportunities, and taking practical steps to develop them. He underscored the pivotal role of the private sector in supporting innovation and transforming economic initiatives into tangible developmental projects. He concluded his speech by affirming that shared economic interests and integrated capacities between the GCC states and their Asian partners provide a solid foundation for elevating economic relations to more advanced levels, thereby serving mutual interests and supporting sustainable economic growth. (End) A.S./T.M.A